• Wheat broke support area
• Further losses are likely
Wheat recently broke through the support area lying between the key support level 530.00 (which has been reversing the price from July), 50-day moving average and the 50% Fibonacci correction of the previous upward impulse from June.
The breakout of this support zone accelerated the active short-term impulse wave C of the medium-term ABC correction (2) from the start of August.
Wheat is expected to fall further and retest the next round support level 500.00. Strong resistance now stands at 530.00.